630 ish credit score , 1st home buyer .. can i try buying now?

Asked by newhomebuyer, 20171 Tue Mar 6, 2012

Hello all,
I have had past financial trouble due to job loss but now iam all debt free and paid all debts. still have some neagtive items listed on credit report and working towards repairing the credit.
no matter how much i try the score never goes beyond 640. we have considerable good income with both of us (me & wife) working. can try buying a home now or should i wait for score to be up to atleast 700. please advice

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Kathy Stark, Agent, Burke, VA
Tue Mar 6, 2012
Hello Ravi

To follow-up on some of the remarks of my collegues, yes it is very likely you can get a mortgage with a credit score around 630ish. That being said could you possibly get better terms, a better rate, etc with a better score, it is possible. Also, a good lender will help you evaluate your personal situation. Though you may qualify for a mortgage, is it the right thing for you at this time. No one can decide that but you, but a good lender will give you the full picture and help you evaluate the pros and cons of buying now. We all know what has happenned over the last few years to those who jumped into buying a home too soon, or purchase over their budget.

Best of luck in your home purchase.

Kathy Stark
Weichert, Realtors
0 votes
ryateslenders, Agent, Plano, TX
Sat Sep 28, 2013
Yes you can buy now my Lenders I'm partnered with offer FHA loans with a 580 score, Conventional require a 620 and 3% down..I can refer you to an agent to help you find a home and a Lender or two that can get you pre approved.

Good Luck!
9 votes
Elliott R. O…, Agent, McLean, VA
Tue Mar 6, 2012
Hello Ravi and I hope you are doing well. I have 15+ years of experience helping first time home buyers become Home-Owners. Over the years I have helped hundreds of clients with credit issues get approved for a mortgage so I would be more than happy to offer you some guidance.

The first order of business would be to review your credit report and see where we can improve your scores. Sometimes it may be as easy as paying down some credit cards and sometimes it can be more complicated than that to get you where you need to be.

We can offer FHA financing down to a 620 with 3.5% down so we should be able to accommodate your needs. We are a direct lender so we control the process from application to funding.

The Pre-Approval process is the most crucial part of the home buying process and in my opinion where a true mortgage professional earns his/her reputation. Please take a minute to read this about the Pre-Approval process: http://www.trulia.com/blog/elliott_r_oliva/2011/12/pre-apppr…

That should give you a better idea of what to expect from a proper mortgage Pre-Approval. I would be more than happy to discuss with you in more detail on what your mortgage options are so please feel free to contact me at your convenience. My office is in Vienna so I would enjoy meeting with you in person.

Thank you and I look forward to meeting with you.

Elliott R. Oliva
Mortgage Banker | nmls#353884
Stearns Lending, Inc.
202.681.1636 direct
2 votes
James Li, Both Buyer And Seller, Norfolk, VA
Tue Mar 6, 2012
Hi Ravi with a credit score 600 or more you can get a loan. Right now is the time to buy, the interest rate still very low. Alot inventories to choose from. Best of all it is a buyers market.
1 vote
Raj Sidhu, Agent, Pikesville, MD
Tue May 1, 2012
You can buy now .If you wait longer real estate market is improving rathr than wait till prices start going up with interest rates
0 votes
Bob Holder, Agent, Portsmouth, NH
Fri Mar 9, 2012

You should be able to move forward and take advantage of these low rates. Contact your financial expert, or contact your real estate agent, so he or she can refer you to a loan expert so you can get advice on your specific situation. Good luck!
0 votes
Lynn V. Mari…, Agent, STUART, FL
Thu Mar 8, 2012
Contact Nathan Elliott at First Choice Bank - 561-351-6809. Tell him I, Lynn Rubin sent you. Explain your financial circumstances and direction. There is a program that helps people get higher credit scores. He will be the one to guide you.
Good luck
0 votes
Erik Weissko…, Agent, fairfax, VA
Wed Mar 7, 2012

After you meet with a good lender like Elliott (who commented below) you should align yourself with a well versed, seasoned Realtor to have represent you as a buyer agent. You should look for someone with the ABR (accredited buyer representative) who has taken the time to earn this distinction.

At this point you should be able to march ahead with confidence and and your team of experts guiding you at every step.

If I can be of assistance..please feel free to contact me.

Kind Regards,

Erik J. Weisskopf, ABR,CDPE,CRS,GRI
Re/Max Distinctive Real Estate, Inc.
0 votes
Lydia Zache, Agent, Mclean, VA
Tue Mar 6, 2012

I would be more than happy to help you with that... request.. I have some contacts in the lender community who either can do it or give you some credit counseling... I am a licensed broker with alot of patience in 3 states.... va md and dc. I have also helped people to get homes no one else wanted to do .. it took some effort and patience but its doable if you want to work at it...

look forward to hearing from you
Lydia Zache
Associate broker REmax
0 votes
Julie Gray-R…, Agent, Reston, VA
Tue Mar 6, 2012
Hi Ravi: I'm joining the list of realtors and lenders who are recommending you begin the process of locating a reputable lender to help structure a loan and a reliable realtor to help locate the best home you and your wife qualify for. As others have said, the interest rates are VERY good at present but they will probably begin to inch up during the summer. The market in Northern Virginia is very strong and sales are increasing. That probably means the prices for future listings will be higher than what you're seeing on the market now. There are lots of programs available -- be sure to work hard on clearing up those "negative items" on your credit report and work with a lender to repair the credit. Some on line programs to repair credit can add to the problem instead of clearing it up.

Good luck with your search and let me know if I can help with your search for a lender and a home.


Julie Gray-Roller, Real Estate Consultant
Long and Foster Realtors, Reston, VA
0 votes
Eric Michael…, Agent, Ashburn, VA
Tue Mar 6, 2012
Hi Ravi,

It is definitely worth spending some time with a lender to review and advise with regards to your situation. I have some very good and dependable loan officers that can help. Please call me or email to discuss further.
The rates are still quite good and with the Spring market upon us the opportunities remain good. I look forward to sharing my 35 years worth of experience with you to accomodate you and your wife. 703-855-4632
LindaSellsNova@gmail.com Linda Sonnhalter, CRS, GRI RE/MAX Premier
0 votes
Sherry Spine…, Agent, Fairfax, VA
Tue Mar 6, 2012
Hey Ravi,

Of course you can try to buy now! It's a great time for several reasons. There are many lenders, mortgage specialists, who would be happy to help you figure out your particular circumstances. I work with several financing companies and am happy to refer you. Please be in touch when you're ready to get started.

I wish you the best.

Thanks & regards, Sherry
Web Reference:  http://dcvirginiarealty.com
0 votes
Don Stewart, Agent, McLean, VA
Tue Mar 6, 2012
Ravi, you should be above the threshold for FHA, but with limited information here it is hard to give you complete and accurate answer. I don't know what your qualified for and what good income means in terms of dollars or how much you have for downpayment. Waiting for a 70 score could take a year or more. It depends on what's holding it down. Feel free to contact me for a more in depth discussion of your circumstance.
0 votes
Eddie Seymour, Agent, Chantilly, VA
Tue Mar 6, 2012
You sure can. FHA loan. Contact me and we can get you pre-approved within a few minutes. The banks will want you to have any past deliquencies settled but we have about 30 days to do that. I have helped many 1st time buyers with their credit reports. And you willget the best rates available. 703-989-1598. Thanks.
0 votes
John Fitzger…, , Fairfax County, VA
Tue Mar 6, 2012
I think you should talk with a mortgage banker about your situation. It is certainly worth a try, with interest rates so low. I would not go to a bank, no matter what my credit score was. Reason: Dodd-Frank and Federal Reserve regulations have banks tied up in pretzel-shaped knots. If I were going to buy or refinance my own home, here are the two people I would talk to. They are both mortgage bankers. If you can buy now, do it before interest rates start going up again!

Phil Goldberg, 703-912-9122, or E-mail: philgoldberg@gmail.com
Hal Johnson, 703-507-1572, or E-mail: hjohnson@embracehomeloans.com
0 votes
Mike Papanto…, Agent, Arvada, CO
Tue Mar 6, 2012
I don't know if things are the same in your area, but in Colorado, there are plenty of lenders who will do a loan with a 620 or better. We even have a few good lenders who can do as low as 600. I would either contact a lender who you know or get a referral on a couple of lenders from a reputable real estate agent. As a buyer, you typically don't pay for an agent's fees so use their knowledget and expertise. If you know someone who had a good experience with a lender or an agent, that's the best way to find one. Otherwise, go to Remax.com and do a search for an agent in your area. They just launched a mobile app too which makes it real easy. Go to http://www.remax.com/mobile-apps/index.aspx

Good luck with that.
0 votes
Kathy Stark, Agent, Burke, VA
Tue Mar 6, 2012
I highly recommend you sit down with a lender to review your credit. I have several great lenders who can council you on what to do to try and bring up your credit score. If you do what they way you can likely bring it up to the high 600s. I would be happy to discuss the options further with you.

Kathy Stark
Weichert, Realtors
0 votes
Natalie Dean, Agent, ANNAPOLIS, MD
Tue Mar 6, 2012
Hi Ravi:
Don't worry there are systems out there that can get you to where you want to be very quickly, easily and they are extremely cost effective. I use them with my clients all the time and they allow individuals whose scores are in the low 500's to purchase within 6 to 8 months. With your score already being at 630 to 640, you are already ready to purchase but that slight nudge will give you greater latitude on a better interest rate. If you are ready to get going please inbox me so I can help you "Find Your Home of Choice".
0 votes
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